| Look around you and you will see a number of | | | | Good quality can be ensured by meticulous design, |
| successful products. An iPod, a Sony Vaio laptop, | | | | extensive testing and quality-control procedures. |
| Colgate toothpaste, Parker pens... the average | | | | Outsourcing to cut costs can sometimes backfire and |
| consumer will use hundreds of branded products in his | | | | result in expensive recalls. Keep engineering and |
| lifetime. What is it that you like about your | | | | manufacturing as close together as possible. |
| possessions? You like your Whirlpool washing machine | | | | Are you targeting the financial elite of society or the |
| and the Xerox copier because they work well and | | | | broader base of the pyramid? Evaluate your product |
| just go on and on without breaking down. You adore | | | | manufacturing cost, the advertising budget and the |
| your Volkswagen Beetle for its sleek looks. And you | | | | market conditions carefully before fixing the price tag. |
| can't do without Kellogg's for breakfast. | | | | Too high will price you out and too low will raise |
| Here then, are the 5 vital factors needed for a | | | | questions of your quality. |
| successful product: | | | | Start small by delivering to a ready predetermined |
| 1. Create something that people want | | | | market. Keep inventory low by building to order. |
| 2. Design and build it with high quality | | | | Standardize your assembly line and parts and buy in |
| 3. Price it right | | | | bulk to gain discounted prices. Keep the overheads |
| 4. Keep the investment low | | | | minimal. |
| 5. Backup with after sales service. | | | | Just as you started out by listening to people, you |
| Gianfranco Zaccai, of the design group Continuum that | | | | have to end by continuing to listen. After sales service |
| developed the Adidas intelligent shoe, says a hit | | | | and warranty periods are great opportunities to gain |
| product should be "technologically possibly to produce, | | | | feedback on your product and to improve them |
| delight the consumer and be profitable". | | | | further or just discontinue them if they are floundering. |
| You must research the market well and listen to what | | | | All these factors play equally important roles in the |
| people are asking for. Your product must have an | | | | development, manufacturing and marketing a |
| USP - Unique Selling Proposition. Just as Olay stood | | | | successful product. Remember every great product |
| for "younger looking skin' and Domino's Pizza vouched | | | | and company started out just as an entrepreneur's |
| for delivery in "30 minutes or it's free', your product | | | | dream. So your dream today may well be tomorrow's |
| also has to send a clear message. | | | | Ford Model-T, Apple Computer or Google! |